Hotel Fast SSE (HOTEL) Q2 2025 earnings summary

Executive summary

• Completed sale of Norwegian subsidiary for 30 million NOK in January, aligning with focus on hotel properties.

• CEO and board changes occurred following the divestment; recruitment for a new CEO is ongoing.

• Company renamed from First Hotels AB to Hotel Fast SSE AB in February.

• Financial position strained; missed interest and amortization payments totaling ~4 MSEK since late January.

• Strategic review initiated, including potential asset sales and ongoing negotiations with lenders.

Financial highlights

• Net revenue for Jan–Jun 2025 was 26.0 MSEK, down from 44.5 MSEK year-over-year.

• Adjusted EBITDA for the period was 2.0 MSEK, compared to 3.8 MSEK last year.

• Operating income (EBIT) was -3.6 MSEK, improved from -8.9 MSEK year-over-year.

• Net income for the period was 32.3 MSEK, a turnaround from -19.6 MSEK last year, mainly due to subsidiary divestment.

• Cash flow from operations was -27.6 MSEK, down from 12.5 MSEK year-over-year.

Outlook and guidance

• Strategic review ongoing, with possible sale of assets or the entire group under consideration.

• Control balance sheet prepared and first control meeting scheduled for September 4, 2025, due to financial distress.